Set Some New Year’s Resolutions for Your Business

If you’re like a lot of people, the idea of New Year’s resolutions feels like a setup for failure. After all, how many times have you resolved to lose weight, work out more, or any number of things that could make your life better—and how many times have you not followed through?

The good news is that the problem isn’t your inherent inability to make changes in your life, it’s that your goals haven’t been SMART—specific, measurable, achievable, results-focused, and time-bound. So take some time to set some SMART New Year’s resolutions for your business. Here are a few to get you started.

Manage your cash flow

If you haven’t been able to create enough capital to invest back into your business, or if you’re having trouble managing the drastic ebbs and flows of small business income, or if you don’t feel like you’re able to ask your past-due customers to pay up, it’s time to find some ways to manage your cash flow more effectively. For your New Year’s resolution around cash flow, try some of these specific and measurable tips on cash flow management from The Balance.

Update your website

If it’s been more than two years since your company’s website has been updated, it’s time to put some time, effort, and—yes—money into that project. Your website needs to be mobile-friendly in order to attract the most customers, since mobile device are now driving more than half of website traffic worldwide. If your site isn’t mobile-friendly, you could be losing business to your competitors whose sites are.

Put some time and energy into social media

Considering how much time people spend on social media—be it Facebook, Twitter, LinkedIn, Instagram, Yelp, or any of the other social outlets—it’s critical that your business be active on social. If you’re not, you’re losing opportunities to grow your business and listen to your customers (and potential customers). Make it your New Year’s resolution to focus on one social channel and get good at that channel before delving into other platforms.

Charge what your services are worth

Many business owners, particularly female business owners, don’t charge enough for their work. If you’re one of them, check out this how-to article from Talented Ladies Club on how to charge what your services are worth. Make it your New Year’s resolution to understand that you deserve to make a living—and a good one—at your business, and the way you do that is to charge appropriate prices for your services.

What New Year’s resolutions do you have for growing your business in the coming year? Please share them in the comments.